16407 Housing Market Report January 2025•Erie County, Pennsylvania

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Housing Prices in 16407, PA

How much do homes in 16407, PA cost?

Housing Market Conditions

Is 16407, PA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

16407 is a Seller's Market

Difference Since January 2024

Since last year, 16407 has remained a Seller's Market.

Insight

16407 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$129,900$86/SqFt
+$7,400
+6.0%

Based on all homes sold in the last 12 months

Insight

Homes in 16407 have sold for 6% more than they did a year ago.

Summary: The median home sold price in 16407 was $129,900 in January 2025, up 6% from last year, and the median price per square foot was $86.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
16438
+17.9%
16407
+6.0%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$85K-
N/A
2$109.4K$104K
-5.0%
3$131.2K$131.2K
0.0%
4$167K$172.5K
+3.3%
5$67.5K$180K
+166.7%

Summary: 16407 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes decreased by -5.0%. The home price for 3 bedroom homes decreased by 0.0%. The home price for 4 bedroom homes increased by +3.3%. The home price for 5 bedroom homes increased by +166.7%.

Housing supply in 16407, PA

How many homes are available in 16407, PA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
17Last MonthJan 2025
212 months agoDec 2024
-19.0 %
Change MoMDec – Jan

Summary: The 16407 real estate market had 17 homes for sale in Jan 2025, a 19.0 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
6Last MonthJan 2025
72 months agoDec 2024
-14.3 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
100
0.0%
232
-33.3%
3138
-38.5%
445
+25.0%
512
+100.0%

Summary: 16407 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -33.3%. The inventory for 3 bedroom homes decreased by -38.5%. The inventory for 4 bedroom homes increased by +25.0%. The inventory for 5 bedroom homes increased by +100.0%.

Asking Price vs. Sold Price

How much do homes in 16407, PA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price1 Home

At Asking Price2 Homes

Under Asking Price3 Homes

Insight

If you're buying a home in 16407, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 16407 in January 2025, down by 14.3% month-over-month. Of the 6 sold homes, 50% were sold under asking, 33% were sold at asking, and and 17% were sold over asking.

Days on Market for 16407, PA

How long does it take to sell a home in 16407, PA?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days4 Homes

Over 90 Days0 Home

Insight

Avg time on Rocket Homes in 16407 has remained consistent over time.

Summary: During January 2025, 6 homes were sold in 16407; 17% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
42 DaysThis YearJan 2025
62 Days1 year agoJan 2024
-32.8 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in 16407 had an average listing age of 42 days in Jan 2025, down by 32.8% compared to the previous year.

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Newest Listings in 16407, PA

What homes are available in 16407, PA?

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Nearby markets aren't available for 16407, PA

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MLS Disclaimers and Copyright

Based on information from Erie MLS, and West Penn Multi-List Inc. for the period 02/01/2023 - 02/01/2025

Copyright © 2025 Greater Erie Board of REALTORS®, Inc. Information deemed reliable but not guaranteed. IDX information is provided exclusively for consumers personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/6/2025, 3:16:00 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The multiple listing information is provided by West Penn Multi-List, Inc. Information deemed reliable, but not guaranteed. IDX info provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change, or withdrawal. Listings displaying the IDX logo belong to brokers other than this broker. Neither the listing broker(s) nor this broker or the MLS shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.

Copyright © 2025 West Penn Multi-List, Inc. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/6/2025, 3:20:48 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.